US – UBS deal

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BBC NEWS | Business | US and UBS agree to end tax row.

They've done a deal.

Rumour reaches me that 8 - 10,000 names will be disclosed.

This is not an ideal outcome. 52,000 names and full Automatic Information Exchange thereafter would have been ideal.

But it is another step on the way to that objective.

Switzerland has been holed, but is not sinking yet.

The US will get enhanced tax compliance and a lot of cash.

Banking has had another massive warning about the abuse it has sold.

This one can be built on.

And it will be.

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